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    Bitcoin Price Resumes Increase as The Bulls Aim Larger Rally To $25K

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    Investing Penny Stocks? 5 Crypto Stocks To Watch Now

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  • Analysis
    Bitcoin Price Resumes Increase as The Bulls Aim Larger Rally To $25K

    Bitcoin Price Resumes Increase as The Bulls Aim Larger Rally To $25K

    Ethereum Price Key Indicators Point Firming Case For Recovery Above $1,250

    Ethereum Price Holds Ground And Sees Fresh Rally, Bulls Are Not Done Yet

    Bitcoin Price Consolidates In Key Range, What Could Trigger Next Move

    Bitcoin Price Holds Key Support But The Bulls Seem To Be Losing Steam

    Ethereum Price Offers Trade Opportunities After Recent Bullish Breakout

    Ethereum Price Another Rejection Signals Risk of Bearish Reaction

    Polygon (MATIC) Surges Nearly 10% As zkEVM Network Update Draws Near

    Polygon (MATIC) Surges Nearly 10% As zkEVM Network Update Draws Near

    Rallies 10%, Polygon Bulls Aim Big

    Rallies 10%, Polygon Bulls Aim Big

    XRP Whales Accumulate Massive Tokens

    XRP Whales Accumulate Massive Tokens

    Solana Rally Could Gather Pace above $30

    Solana Rally Could Gather Pace above $30

    BNB Price Rebounds Toward $250 But Risk of Drop To $200 Still Exists

    Ethereum Price Drops 6% and Signals Risk of Trend Change Below This Support

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BTC Drops 13% To Retest the $58,000 Support Floor

2021-11-17
in Bitcoin
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Bitcoin’s Institutional Activity Is 8x from 2017, Traders Show Interest to Buy the Dips
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Bitcoin worth retests the $58,000 assist stage because it struggles to reclaim the $60,000 essential assist wall. BTC has misplaced nearly $10,000 from its all-time excessive above $69,000. Overcoming the 200 SMA above $62,000 may see Bitcoin restart the upswing.

Bitcoin worth extends Tuesday’s worth correction because it retests essential assist ranges. Bitcoin has dropped as little as $58,527 on Wednesday because the $58,000 assist stage comes it helpful. Analysts are, nevertheless, stay bullish on Bitcoin that it’s going to resume the upswing so long as it recaptures the $60,000 psychological stage.

Bitcoin  Value Grapples With the $58,000 Psychological Stage

The present BTC worth drop has seen the massive crypto decline 14% from the November 10 all-time excessive (ATH) above $69,000 to the present worth round $59,572. The drop has seen Bitcoin slice by the $60,000 psychological stage repeatedly shedding greater than $10,000 from the ATH as seen on the four-hour chart.

The four-hour demand zone between the $58,527 and $60,876 ranges provide essential assist areas that determine the course taken by Bitcoin worth.

A bounce from this assist zone may bolster the bulls who’re more likely to push the Bitcoin worth above the $60,876 main resistance stage to tag the 200-period easy transferring common (SMA) at $62,683. Flipping this stage into assist is more likely to propel the bellwether cryptocurrency in direction of new file highs above $70,000.

BTC/USD 4-Hour Chart

Bitcoin price Four-Hour Chart

Earlier than this, BTC/USD has to beat the 100 SMA at $63,571 and 50 SMA at $64,304 embraced by the declining trendline.

The above bullish narrative thesis that BTC worth will bounce maintain the $58, 000 assist zone, nevertheless, a breakdown of this assist ground will counsel that Bitcoin may head right into a liquidity space, starting from $53,000 to $56,000 psychological ranges.

The place of the Bitcoin worth beneath the SMAs and the entry of the Relative Power Index (RSI) into the oversold area validate this unfavorable outlook.

The place of the Moving Average Convergence Divergence (MACD) indicator beneath the impartial line provides extra credence to Bitcoin’s bearish narrative.

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